PRC Rmb3 billion sovereign bond issue

Overview:

• The Ministry of Finance of the People’s Republic of China has made a debut Rmb3 billion bond issue in London.
• It is the first time the sovereign has listed a bond on the LSE, and it is in line with recent moves from Chinese regulators to internationalise the yuan and make it a major international currency.
• Other steps to boost the use of the yuan, includes the International Monetary Fund's decision last year to add the currency to its basket of reserve currencies.
• In addition to the string of bond deals listed on the LSE last year, this deal helps confirm London’s place as the global centre of yuan trading outside Asia.

Adam Majeed - Regional Editor

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